Ethereum Weekly - Edition 7
Welcome to the seventh edition of Ethereum Weekly!
Ethereum (ETH) had a great week rising $1,000 week over week and closing above the $1,550 mark on a strong green candle week.
The next week could be more challenging as "another one bites the dust". Genesis Global Capital became the latest cryptocurrency lender to get in trouble filing Chapter 11 protection late Thursday. Genesis is just the latest in a string of crypto collapses joining the likes of the exchange FTX and hedge fund Three Arrows Capital. Estimates put their liabilities and assets somewhere between $1 billion and $10 billion.
Despite the negative news, Ethereum and other cryptocurrencies held prices, something that hasn't happened in other news featuring crypto failures.
Ethereum has been a better investment than Bitcoin (BTC) recently and a strong case can be made that it has a brighter future outlook as well. ETH has jumped about 45% since last July in large part thanks to the success of the "merge" while BTC is also up but less than 10%. Ethereum has a significant advantage over Bitcoin in terms of use cases being the preferred network for decentralized finance (DeFi) while also being the leader in the NFT market. I can see Ethereum starting to be used more at an institutional level and upcoming planned upgrades are only going to help ETH grow even more.
Ethereum crossed the 500K validators mark this past week, a positive milestone. With the Shanghai hard fork scheduled for March, the ETH could potentially buck some general crypto trends throughout the first quarter making it a very interesting time for the second-largest cryptocurrency. This upgrade will include the launch of the "Surge" phase designed to enhance the infrastructure and scalability of the network.
The Crypto Greed and Fear Index highlighted below sits at 51 moving into the "Neutral" range and is up 20 points from where it was at last week to cap off a great week.
Ten Must-Read Ethereum and Altcoin Articles This Week
- Trouble in Ethereum? Devs Divided Over Staking Withdrawals in Shanghai Upgrade (Decrypt)
- Ethereum Has Most Developers, But These Newer Chains Are Growing Fast (Blockworks)
- Ethereum Development Firm Flashbots Eyes Unicorn Status as It Seeks to Raise $50M (CoinDesk)
- Is Ethereum Losing Steam in 2023? (The Motley Fool)
- Vitalik Buterin Transfers $11.16 Million Worth of Ethereum (ETH) Between Wallets, What's Happening? (U.Today)
- What Ethereum Tech Trends Are Weathering the Bear Market? (CoinDesk)
- Ethereum Is Now Deflationary—But What Does That Mean? (MakeUseOf)
- Early Ethereum Backer Raises $500 Million to Buy the Crypto Dip (Yahoo Finance)
- SSV DAO Starts $50M Fund to Push Ethereum's Decentralization Plan (CoinDesk)
- Ethereum Smart Contracts Deployment Jumped 293% in 2022 (Decrypt)
Ethereum Price Statistics (as of 1/19/2023, daily close)
- Ethereum Price = $1,551
- Last Week = $1,419
- Weekly High = $1,562
- Weekly Low = $1,528
- Market Cap = $188,281,251,139
- Market Cap Dominance =18.541%
- All-Time High = $4,878.26 on November 10, 2021
Up-to-the-Minute Ethereum Price Statistics
statistics provided by CoinGecko
Ethereum Fun Fact of the Week
Ethereum created a different language in crypto using terms such as "token" and "smart contracts" to describe all the "tokens" (ERC-20) that can be created and smart contracts deployed on the Ethereum network.
Ethereum Tweet of the Week
Ethereum Staking Statistics
- Validators = 502,624
- Block Time = 12.06 seconds
- Staking Ratio = 13.95%
- Total Supply = 122,373,866
statistics provided by StakingRewards
Crypto Fear & Greed Index
index provided by Alternative
What is Ethereum?
Ethereum (ETH) is a digital cryptocurrency that is known for being a blockchain technology that operates decentralized apps (dapps) such as decentralized finance (DeFi), non-fungible tokens (NFTs), stablecoins, lending, and more. First proposed by Vitalik Buterin who published a whitepaper in 2013 and went live as a network in July 2015, Ethereum claims it is not controlled by a centralized authority but that can be questioned. Ethereum went through the "merge" in 2022 moving from a proof-of-work to a proof-of-stake mechanism becoming much more environmentally friendly.
For more on Ethereum, please read the Top Things You Should Know About Ethereum (ETH) on Publish0x written by MuyAsk
For more on the Ethereum Whitepaper, please read the I Finally Read the Ethereum Whitepaper on Publish0x written by CryptoMasterMiner
Find Ethereum on Ethereum.org, Reddit, Twitter, Instagram, Facebook
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